Thank you. Yeah, great to be here in Noosa. Thanks to the Noosa Mining Conference team for putting on a great show and the opportunity to present today. Why 29Metals? Because as the world electrifies, we're going to need a lot more copper. 29Metals, we've got lots of copper, two Australian-based assets, one producing asset in Golden Grove in Western Australia, and one growth option in Capricorn Copper here in Queensland. Golden Grove, as you can see on the slide there, fantastic asset, long life, 50,000 tons of copper equivalent, producing 20-odd thousand tons of copper, substantial zinc, and other handy byproducts like gold and silver that you've heard this morning, all going pretty well. We are growing our production, guiding copper up 7%, zinc up 15%, and gold up 7% from 2024 actuals to 2025 guidance.
We're currently valued at $400 million market cap, very supportive major shareholders you can see there, EMR Capital, Boomer, and AustralianSuper collectively account for approximately 60% of our register, a pretty compelling opportunity. As the world transitions towards electrification, we're going to need a lot more copper. We have Doctor Copper moving with GDP as it does, but now we've got Doctor Copper plus electrification plus data centers and all of this up against supply constraints. Copper supply is increasingly constrained. You can see it's becoming harder to find, grades are lower, and it's becoming harder to mine. We've certainly seen in the industry those that don't have copper want copper, and those that have already got copper want even more. I think the copper story being bullish on that is super clear, particularly to a room like this.
I won't talk for too much longer on that, but I will talk to why ASX investors should be looking to 29Metals for copper exposure. Our producing asset, Golden Grove, provides investors exposure to 50,000 tons per annum of copper equivalent production. Well located, well established asset, been going for 30 years. It is a world-class VMS system. Golden Grove has been 30 years of history. We're into Xantho Extended, the number one you can see on this plot. It's their highest grade ore source, got a reserve grade of just under 5%. There's been lots of investment in Xantho over the past few years. It's now bringing, ramping up meaningful tons, higher grade tons to the mill. Means more metal, higher cash, higher margins, and we're really excited about Xantho seeing it progress. We have other growth options, and probably most excitedly is Gossan Valley.
For the first time in 30 years, we're actually bringing on our second highest grade in the ore reserve into the mine plan from late 2026. Overall, Golden Grove, the asset does have an impressive history of discovery. Been going for over 30 years. Scuddles Mine in 1990 had a tick under 11 million tons in resources. You roll forward 30 years, even after all that depletion, and you can see a five-fold increase in resources, seven-fold increase in copper. It's had a long life and lots of life left. We're also looking forward to getting underground with Gossan Valley and adding to this track record, which remains open at depth. Since the IPO of 29Metals in 2021, there's been a lot of investment, and Xantho Extended, I've already mentioned, the investment to come in Gossan Valley.
This substantial investment, as well as now a Life of Mine tailings facility, is often overlooked, which is Life of Mine and will reduce the tailings deposition costs for a decade or more to come. Xantho Extended, our highest grade in the resource, is ramping up. Gossan Valley, second highest grade ore source, coming online in the next 18 months. Together we've got an optimized mine plan for Golden Grove with high metal production over the coming years. We're already on a path to improving the operational and financial outcomes at Golden Grove, driven by the ongoing ramp up of Xantho Extended. From 2023 to 2024, 10% reduction in unit costs, 155% increase in EBITDA, and a 16% increase in copper equivalent production, for copper and zinc. Copper guiding up 7%, zinc up 15%.
Everything moving in the right direction and looking to maintain that trajectory of growth with Gossan Valley coming online. As well as that significant investment, we're actually seeing diminishing headwinds from pre-IPO commitments and IPO costs. Out of the money, pre-IPO zinc offtake agreements roll off, gold hedges roll off, stamp duty payments made. That's to the tune of $60 million in 2025, moving to $20 million in 2026, and then gone. That's all cash that won't be going to offtakers or governments, going straight to our balance sheet. Again, something that's often been overlooked. In addition to the ongoing ramp up of Xantho Extended, the delivery of Gossan Valley, we're also refocusing our attention on exploration at Golden Grove. Our spend is moving from only $4 million in 2024 to between $10 million- $14 million in 2025.
For Gossan Valley, the focus will be on grade control and firming up the initial stages of the mine plan. The team continues to test for resource extensions and near mine exploration targets at Gossan Hill and at Scuddles, where we know we've got a 30-year track record of success. You can see here our existing mining fronts, Gossan Hill and Scuddles, what they were 30 years ago compared to what has come to pass so far. Gossan Valley, the team really looking forward to getting underground. We've got the platforms in the plan to be able to really test for resource extensions and keep building on the history of exploration success at Golden Grove. There is a lot to like about Golden Grove. Moving to Capricorn Copper, production is still suspended following the impact of the extreme weather event in 2023.
We are working towards rebasing the asset in preparation for a future successful and sustainable restart of operations. You can see the size of the prize is significant: 64 million tons in mineral resources, 1.2 million tons of contained copper, established surface infrastructure, established development right to the ore body of Touchdit, all within the prolific Mount Isa inlier. We know we've got the resource. Over the last two years, it has presented some challenges, but on a look-forward basis, we see immense value in Capricorn Copper. We just need to deal with the water on the surface so that we can access the significant copper endowment underground. In 2021 and 2022, when the mine was operating, it produced $110 million and $66 million of EBITDA respectively, all-in sustaining costs of $3.70 a pound.
If you have a look on today's prices and what may come, it will be highly profitable at today's prices. To rebase the asset, we need to deal with the water, which remains after the impact of the extreme weather event, and we need a long-term tailings solution. You get those things in place, and then we can study for preparing for a restart of operations. We are making good progress. We've reduced our water levels by 1.3 GL of water. It's a massive amount of water, a really important milestone towards resetting the compliance footing of the asset. We're below the maximum operating level for the first time, so really making some progress. I've had some conversations yesterday when people see that 1.3 GL of water, we're definitely moving this asset back towards getting into production, and it's a 20,000+ tonne per annum copper asset.
What have we been doing in the meantime as well? Building back a more resilient Capricorn Copper has been the focus. We've got enhanced water treatment infrastructure, enhanced water diversion infrastructure, so if the same thing happens, you don't get the same result. All of this is moving the imperatives forward for a restart of operations. Why? Again, the size of the prize is significant. 64 million tons in resource, 1.2 million tons of copper, the surface infrastructure development. Some of the recent drilling campaigns have produced world-class drilling results. You can see there 48 m at 2.7% copper, 36 m at 3.9% copper, and 7 m 4.8% copper. Very high grade. The Capricorn Copper itself, the potential, you know, it is unquestionable. We just need to deal with the water on the surface so that we can get to the value that is underground.
In closing, for us, the heart of the opportunity at 29Metals is copper. As the world electrifies, we're going to need a lot more of it. Against this backdrop, where high-quality copper assets are hard to come by, we're uniquely positioned. Two large copper endowments, both with lots of geological upside, both located in low-risk jurisdiction, this great country of Australia. We would say that 29Metals , it's certainly worth a look. Even if you've already had a look, it's worth another look because things are potentially very different for the next two years than they have been for the last two.
Thank you.